Government of Rwanda Collaborates with MasterCard to Meet Rwanda’s 2020 Vision of a Cashless Society
May 12 2016 - 10:44AM
Business Wire
The Government of Rwanda today announced a collaboration with
MasterCard to fast-track the country’s move to include 90 percent
of its citizens in the financial mainstream, as set out in its
Vision 2020 strategy.
In a Memorandum of Understanding (MoU), signed by the CEO,
Rwanda Development Board and Cabinet Member, Francis Gatare, and
Raghu Malhotra, president of Middle East and Africa for MasterCard,
Rwanda will promote the move to a cashless economy by collaborating
on numerous initiatives.
These solutions include, the digitization of school fees and
national healthcare claim payments, providing an online payment
gateway for Rwanda Online, contributing to the creation of a common
mobile banking platform, and contributing to the effective
management of spending activities across borders.
Speaking at the announcement Gatare said, “We are confident that
Rwanda’s partnership with MasterCard will be beneficial to the
country and its citizens as we are implementing our vision of
becoming a knowledge based service-oriented economy. I believe this
can only be achieved as we embrace the fourth industrial
revolution.”
Malhotra remarked that the Government of Rwanda shares the
commitment of MasterCard to realizing a world beyond cash. He said,
“Our global reach and local experience makes MasterCard a perfect
partner to help Rwanda meet its Vision 2020 strategy. Rwanda is a
key market in East Africa for MasterCard and today’s announcement
marks an important milestone in driving financial inclusion, not
just in the country but in the region and Africa as a whole.”
According to the World Bank’s Global Findex 2014, two billion
people globally do not have access to formal financial services. In
Rwanda, 42 percent of adults own a financial account, whether
formal or informal.
Rwanda’s Vision 2020 aims for 70 percent financial inclusion by
2017 and 90 percent by 2020. Building on the company’s approach to
develop partnerships with governments, NGOs and local businesses,
MasterCard and the Rwandan government will address common
challenges faced by poor and often remote populations, such as the
lack of formal identification and financial illiteracy.
About Rwanda Development Board
The Rwanda Development Board (RDB) was set up by bringing
together all the government agencies responsible for the entire
investor experience under one roof. This includes key agencies
responsible for business registration, investment promotion,
environmental clearances, privatization and specialist agencies
which support the priority sectors of ICT and tourism as well as
SMEs and human capacity development in the private sector. The RDB
is independent and influential. It reports directly to the
President and is guided by a Board that includes all the key
Ministers (e.g., finance, commerce, infrastructure,
agriculture.)
About MasterCard
MasterCard (NYSE: MA), www.mastercard.com, is a technology
company in the global payments industry. We operate the world’s
fastest payments processing network, connecting consumers,
financial institutions, merchants, governments and businesses in
more than 210 countries and territories. MasterCard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on Twitter
@MasterCardNews, join the discussion on the Beyond the Transaction
Blog and subscribe for the latest news on the Engagement
Bureau.
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version on businesswire.com: http://www.businesswire.com/news/home/20160512005971/en/
RDB Communications:Maurice Twahirwa,
+250788877233maurice.twahirwa@rdb.rworMasterCard
Communications:Geraldine Trennery, +27 76 301
0264geraldine.trennery@mastercard.comorSeth Eisen,
914-249-3153seth.eisen@mastercard.com
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